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OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.42%) are up +0.22% and European stocks are up +1.75%, led by strength in mining stocks and in energy and raw-material producers as the price of copper and crude oil rose. Crude oil prices (CLG16 +1.52%) are up +1.41% ahead of today's weekly EIA inventory data after API data released late yesterday showed U.S. crude supplies fell by -3.6 million bbl. Asian stocks settled mixed: Japan closed for holiday, Hong Kong +0.96%, China -0.43%, Taiwan +0.28%, Australia +0.49%, Singapore +0.37%, South Korea +0.43%, India +1.01%. China's Shanghai Composite jumped to 4-month high on speculation the government will boost stimulus measures to revive growth, but profit-taking emerged near the highs and stocks erased their gains and settled lower.
The dollar index (DXY00 +0.06%) is up +0.01%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is down -0.18%.
Mar T-note prices (ZNH16-0.10%) are down -3 ticks.
UK Q3 GDP was unexpectedly revised lower to +0.4% q/q and +2.1% y/y, weaker than expectations of no change at +0.5% q/q and +2.3% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.1% with purchase sub-index -2.8% and refi sub-index +1.4%), (2) Nov personal spending (expected +0.3%, Oct +0.1%) and Nov personal income (expected +0.2%, Oct +0.4%), (3) Nov PCE deflator (expected +0.1% m/m and +0.4% y/y, Oct +0.1% m/m and +0.2% y/y) and Nov core PCE deflator (expected +0.1% m/m and +1.3% y/y, Oct unch m/m and +1.3% y/y), (4) Nov durable goods orders (expected -0.6% and unch ex transportation, Oct +2.9% and +0.5% ex transportation), (5) Nov new home sales (expected +2.0% to 505,000, Oct +10.7% to 495,000), (6) final-Dec University of Michigan U.S. consumer sentiment index (expected +0.2 to 92.0, prelim-Dec +0.5 to 91.8), (7) the Treasury's auction of $13 billion of 2-year floating-rate notes.
There are 4 of the Russell 3000 companies that report earnings today: Cal-Maine Foods (consensus 2.40), Lindsay Corp (0.54), Biglari Holdings (5.42), Nobilis Health (0.02).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
Nike (NKE +1.58%) rose nearly 3% in pre-market trading after it reported Q2 EPS of 90 cents, higher than consensus of 86 cents.
Celgene (CELG +0.27%) jumped over 6% in after-hours trading after it settled patent litigation with Natco Pharma Ltd. relating to patents for REVLIMID (lenalidomide).
Delphi Automotive (DLPH +0.79%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT with a 12-month price target of $102.
Finish Line (FINL +9.79%) was upgradd to 'Buy' from 'Hold' at Brean Capital with a 12-month price target of $23.
Steelcase (SCS-22.93%) was downgraded to 'Market Perform' from 'Strong Buy' at Raymond James.
CUI Global (CUI-1.43%) was rated a new 'Buy' at Rodman & Renshaw with a 12-month price target of $12.
Lindsay Corp. (LNN +1.30%) reported Q1 EPS of 62 cents, better than consensus of 54 cents, although Q1 revenue of $121.5 million was below consensus of $127.7 million.
Micron Technology (MU-1.08%) slipped over 4% in after-hours trading after it said it sees a Q2 adjusted EPS loss of -5 cents to -12 cents, below estimates of a gain of 23 cents, and said it expects Q2 revenue of $2.9 billion-$3.2 billion, well below estimates of $3.48 billion.
Bullish newsletter writers tracked by Investors Intelligence fell to 36.7% fom 37.8%, the lowest in 10-weeks.
Galena Biopharma (GALE +1.87%) plunged over 15% in after-hours trading after it received a subpoena from the U.S. Attorney for District of N.J. for documents related to the product Abstral.
Mar E-mini S&Ps (ESH16 +0.42%) this morning are up +4.50 points (+0.22%). Tuesday's closes: S&P 500 +0.88%, Dow Jones +0.96%, Nasdaq +0.63%. The S&P 500 on Tuesday closed higher on carryover support from a +0.26% rally in China's Shanghai Composite to a 3-week high on the prospects of increased stimulus from the Chinese government and on strength in oil prices, which boosted energy producing stocks.
Mar 10-year T-notes (ZNH16-0.10%) this morning are down -3 ticks. Tuesday's closes: TYH6 -12.50, FVH6 -7.00. Mar T-notes on Tuesday closed lower on the stronger-than-expected U.S. Q3 GDP revision (+2.0% versus expectations of +1.9% y/y), which bolsters the case for the Fed to keep raising interest rates, and on the rally in stocks which reduced the safe-haven demand for T-notes.
The dollar index (DXY00 +0.06%) this morning isup +0.006 (+0.01%) . EUR/USD (^EURUSD) is down -0.0026 (-0.24%). USD/JPY (^USDJPY) is down-0.22 (-0.18%). Tuesday's closes: Dollar Index -0.128 (-0.13%), EUR/USD +0.0042 (+0.38%), USD/JPY -0.12 (-0.10%). The dollar index on Tuesday closed lower on the fall in U.S. Nov existing home sales to their lowest level in 1-1/2 years and on strength in EUR/USD after German Dec GfK consumer confidence rose more than expected.
Feb crude oil (CLG16 +1.52%) this morning is up +51 cents (+1.41%) and Feb gasoline (RBG16 +2.44%) is up +0.0257 (+2.17%). Tuesday's closes: CLG6 +0.66 (+1.84%), RBG6 -0.0245 (-2.01%). Feb crude oil and gasoline on Tuesday settled mixed with Feb gasoline at a contract low. Crude oil prices were boosted by a weaker dollar and by the stronger-than-expected U.S. Q3 GDP revision of +2.0% (versus expectations of +1.9%). Crude oil prices were undercut by weakness in gasoline prices as nearest-futures (F16) fell to a 6-3/4 year low on reduced refinery demand for gasoline after the crack spread tumbled to a 1-month low. In addition, Wednesday's EIA report is expected to show that crude inventories rose by +1.0 million bbl and gasoline supplies rose by +1.5 million bbl.
GLOBAL EVENT CALENDAR12/23/2015
Weekly MBA mortgage applications, previous -1.1% with purchase sub-index -2.8% and refi sub-index +1.4%.
Nov personal spending expected +0.3%, Oct +0.1%. Nov personal income expected +0.2%, Oct +0.4%.
Nov PCE deflator expected +0.1% m/m and +0.4% y/y, Oct +0.1% m/m and +0.2% y/y. Nov core PE deflator expected +0.1% m/m and +1.3% y/y, Oct unch m/m and +1.3% y/y.
Nov durable goods orders expected -0.6% and unch ex transportation, Oct +2.9% and +0.5% ex transportation. Nov capital goods orders nondefense ex-aircraft & parts expected -0.2%, Oct +1.3%.
Nov new home sales expected +2.0% to 505,000, Oct +10.7% to 495,000.
Final-Dec University of Michigan U.S. consumer sentiment expected +0.2 to 92.0, prelim-Dec +0.5 to 91.8.
EIA Weekly Petroleum Status Report.
Treasury auctions $13 billion of 2-year floating-rate notes.
USDA Q4 Hogs & Pigs inventory.
UK Q3 current account balance expected -21.5 billion pounds, Q2 -16.8 billion pounds.
Revised UK Q3 GDP, previous +0.5% q/q and +2.3% y/y.
UK Q3 unit labor costs expected +2.2% y/y, Q2 +2.1% y/y
UK Oct index of services expected +0.2% m/m and +0.6% 3-mo/3-mo, Sep +0.4% m/m and +0.7% 3-mo/3-mo.